This year, India's textile export target is locked at 25.06 billion US dollars

by:JIYALI     2021-07-31
Indian Textile Minister Shri E.V.K.S. Elangovan said today that the current year’s textile export target is locked at US$25.06 billion, which is consistent with the development of the textile industry after the end of the Multi-Fiber Agreement (MFA). This is what he revealed when he spoke at the meeting of the Parliamentary Advisory Committee of the Ministry of Textiles today.   He said that after the termination of MFA in December 2004, India's textile and apparel exports took a leap in 2005-06. Exports in 2005-06 reached 17.5 billion U.S. dollars, an increase of approximately 25% over the previous fiscal year.   The minister said that this growth trend continued to grow in 2006-07, with textile and apparel exports reaching 18.73 billion U.S. dollars, an increase of about 7% over the 2005-06 fiscal year.   Since October 2006, the Indian rupee has appreciated by 14% against the U.S. dollar, which not only has a negative impact on textile exports, but also leads to the reduction of a large number of jobs in the textile industry. The most severely affected are clothing export companies, which account for approximately 50% of textile exports, and 95% of clothing manufacturing companies are small and medium-sized enterprises operating with small profits. He said that overall textile exports at this stage were US$4.01 billion, compared to US$4.6 billion in the same period last year.   On the import side, the minister said that the total textile imports are 128.57 billion rupees, of which 51% are gauze imports and 44% are raw materials imports. Imports have increased by 6% since 2005-06. However, the proportion of textile imports in total imports has steadily declined, accounting for 1.49% of total imports in 2006-07. Since July, the government has taken several measures to support the development of the textile industry, including the Duty Entitlement Pass Book, tax rebate rates, abolition of service taxes for selected service industries, and reduction of the credit interest on shipment , Speed u200bu200bup the liquidation of port goods tax arrears, and the central consumption tax.   In addition to the assistance measures provided for the sharp decline in textile exports, the minister said that the government has also provided financial support to the Market Development and Market Support Committee. He said that the participation of these committees in trade fairs and exhibitions around the world is to strengthen India’s reputation in the well-known market and activate potential market opportunities in many countries.
Custom message
Chat Online 编辑模式下无法使用
Chat Online inputting...
Thank you for your enquiry. We will get back to you ASAP